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Trading statements

1Spatial warns of marginal FY adj. EBITDA loss

20 December 2016 07:17

1Spatial now expects to deliver a marginal Adjusted EBITDA loss for the full year ending 31 January 2017.

The Company anticipates ending the financial year comfortably within its current banking facilities.

In a trading update covering the FY to Jan. 31, 2017, it said that while 1Spatial's sales pipeline and order book remain robust, due to a number of factors, including transitioning the business model to one of annualised revenues and the extension of the industry sales cycles, timing of certain key contracts are now expected to fall into 2017.

"1Spatial has taken a proactive approach to the short term challenge it faces, assessing both the cost base and assets of the Company, as management seek to preserve cash and maintain its core focus," it said.

"As part of its ongoing strategic review of its assets, 1Spatial today announces the sale of its Avisen business for a consideration of £0.1m receivable in 12 months' time and the closure of Storage Fusion.

"For the full year ended 31 January 2016, Storage Fusion generated revenue of £0.2m and an operating loss of £0.3m. For the full year ended 31 January 2016, Avisen generated revenue of £1.4m and an operating profit of £0.3m.

"The anticipated exceptional costs associated with the actions are expected to be insignificant."

Story provided by StockMarketWire.com

Related Company: SPA

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